With a extra secure footing due to a brand new proprietor, as soon as beleaguered SsangYong has fought again to publish its first quarterly working revenue since 2016.
The automaker has bounced again, reporting to Korean media a 4.1 billion gained (A$4.78 million) working revenue within the ultimate quarter of 2022.
In the ultimate quarter of 2021, SsangYong posted a lack of 21.3 billion gained (A$24.84 million).
Operating losses additionally shrunk from 260.7 billion gained (A$304 million) to 117.5 billion gained (A$137 million), a discount of 54.9 per cent.
Globally, SsangYong’s gross sales had been up 35 per cent from 84,496 to 113,960 models.
Sales in Korea had been up by 50 per cent, attributed to demand for the brand new Torres SUV that’s set to achieve Australian shores someday this yr.
SsangYong offered 11,909 Torres SUVs within the fourth quarter, making it the model’s best-selling mannequin in Korea.
Strong demand for the SUV has been blamed for the delay in exporting the Torres to different markets.
SsangYong gross sales had been up by 32.4 per cent in 2022 to 3943 models, with the Musso up 3.9 per cent to 1956 models, the associated Rexton SUV hovering 97.7 per cent to 1467 gross sales, and the Korando up 47.3 per cent to 520 gross sales.
With its acquisition by KG Group, SsangYong is set to be renamed to KG Mobility pending board approval.
“We have determined to go for a brand new title to totally utilise the energy of SsangYong Motor,” mentioned SsangYong and KG Group chairman Kwak Jae-sun.
“Under the title of SsangYong, the corporate has a fandom but in addition has a painful picture.
“The new automobiles will come out as KG, however its car-making historical past won’t ever change and have the identical circumstances.”
SsangYong has had a troubled previous, altering arms a number of occasions earlier than Mahindra & Mahindra picked it up in 2011.
Acquired by Daewoo in 1997, its new company father or mother then bumped into monetary troubles and was pressured to dump SsangYong in 2000.
In 2004, SAIC Motor acquired 51 per cent however walked away in 2009, which noticed Ssangyong go into receivership.
Mahindra & Mahindra adopted SsangYong in 2011, buying a controlling stake of 70 per cent for 523 billion gained. But it, too, walked away in 2020, leaving SsangYong in receivership and trying to find a brand new proprietor.
After a turbulent bidding course of to regain possession, together with preliminary bidder Edison Motors’ lack of ability to entrance its profitable bid, a consortium led by KG Group paid an quantity 3 times increased to amass a controlling 62 per cent stake within the firm.
In August 2022, the Seoul Bankruptcy Court approved KG’s rescue plan.
This isn’t the first time KG Group and SsangYong have labored collectively. KG Steel, a part of the KG Group, provided metal to the automaker for its autos beforehand.